Path: csiph.com!feeder.erje.net!1.eu.feeder.erje.net!news2.arglkargh.de!news.mixmin.net!eternal-september.org!feeder.eternal-september.org!mx02.eternal-september.org!.POSTED!not-for-mail From: Anne & Lynn Wheeler Newsgroups: comp.sys.raspberry-pi,alt.folklore.computers Subject: Re: Is it a lost cause? Date: Wed, 06 Jul 2016 07:37:15 -0700 Organization: Wheeler&Wheeler Lines: 104 Message-ID: <87inwiestg.fsf@garlic.com> References: <16kt4d-oqd.ln1@sambook.reistad.name> Mime-Version: 1.0 Content-Type: text/plain Injection-Info: mx02.eternal-september.org; posting-host="6a701f7a2f120c3c3ec794af16136f6c"; logging-data="28181"; mail-complaints-to="abuse@eternal-september.org"; posting-account="U2FsdGVkX1/sLPWwlF/xW1d7Ilna5r4spH2J7WakmUo=" User-Agent: Gnus/5.13 (Gnus v5.13) Emacs/25.0.94 (gnu/linux) Cancel-Lock: sha1:DCf6TCTBLwEslBSeWssTPw0VOkE= sha1:tjz1OXFa2qC9Qk7HOExmTcE+tPQ= Xref: csiph.com comp.sys.raspberry-pi:12609 alt.folklore.computers:166797 scott@slp53.sl.home (Scott Lurndal) writes: > In 1980, the burroughs B4955 would run ten MICR reader-sorters, > each at 2500 dpm (documents per minute). The flow path between the > read-head and the pocket-select station was very short, if the host > didn't select the pocket in 10 milliseconds, the check would miss the > select station and processing would stop with a "too late to pocket select". > > When the host was running the full ten sorters, it had about 2 milliseconds > to process the MICR line and select the destination pocket for the > document - stopages were discouraged as one could cost a bank hundreds > of thousands in float. 90s, I was semi-facetiously saying I would take a $500 milspec part, agressive cost reduce by 2-3 orders of magnitude while making it more secure ... including at panel discussion in standing room ballroom at this event: http://csrc.nist.gov/nissc/1998/index.html the objective was to be much more secure than the card association payment chip ... which had a whole lot of vulnerabilities, less than 1/10th the cost, and significantly faster (still running something like 10secs). early part of the century the card association was characterized as having spent billions of dollars to prove that chips were less secure than magstripe ... old trip report to cartes2002 (gone 404 but still lives on at wayback machine) http://web.archive.org/web/20030417083810/http://www.smartcard.co.uk/resources/articles/cartes2002.html near the bottom of the trip report ... possible to create a "YES CARD" chip as easily as magstripe (and less secure). past posts http://manana.garlic.com/~lynn/subintegrity.btml#yescard In the 90s, I was approached by the transit industry and asked if I could also make the chip do a transaction in the transit turnstyle timing limits (1/10th of a second) ... without increasing the cost, not reducing integrity and still be used for payment transactions (so person could use the same card for transit and payment, including both point-of-sale and e-commerce/internet). Prototype was demoed at 1999 annual world-wide, BAI retail banking show in Miami http://manana.garlic.com/~lynn/ansiepay.htm#x959bai the issue for the transit industry is that they are subsidized with public money and under lots of pressure to get out of (heavily subsizied) payment transaction business ... and move to industry standard payments (but would require that the banking industry enormously increase their performance and enormously reduce their cost per transaction). the problem for the banking industry was the enormous increase in integrity eliminated a lot of fraud and justification for something like 90% of interchange fee on electronic payment transactions (with US banks at the time making avg of 40-60% of their bottom line from payment/interchange fees, a 90% cut in the fees would be a big hit to bottom line). Note, 1999 was also GLBA ... which is now better known for having added repeal of Glass-Steagal http://manana.garlic.com/~lynn/submisc.html#Pecora&/orGlass-Steagall enabling "too big to fail" ("too big to prosecute" and "too big to jail") http://manana.garlic.com/~lynn/submisc.html#too-big-to-fail however, the original rhetoric on the floor of congress was that the purpose of GLBA was if you already had a banking charter you got to keep it, but if you didn't already have one, you couldn't get one ... i.e. protect the banking industry oligarchy and keep new competition with new (more efficient) technology out of banking. patent portfolio, all assigned, including covering being able to transition from institution centric cards to "person-centric" chipcard (aka person being able to use single chipcard for all authentication requirements). Originally the claims were going to be packaged as over 100 patents, then some executive directed that they be packaged as 9 patents (reduce the filing cost), then the patent office comes back and says to repackage as at least two dozen (humongous patents filing fee wasn't even covering cost of reading all the claims) http://manana.garlic.com/~lynn/aadssummary.htm other topic drift ... 1999 I was asked to help prevent the comming economic mess ... this is long winded post about conference for me sponsored by Atalla (ATM cash machine technology, had been bought by tandem, which had been bought by compaq) http://manana.garlic.com/~lynn/aepay3.htm#riskm securitizing mortgages had been used during the S&L crisis to obfuscate fraudulent mortgages (poster child was office buildings in dallas/ft.worth that turned out to be empty lots) and I was asked to improve the integrity of mortgage supporting documents as countermeasure. they then find that they can pay the rating agencies for triple-A rating (when both the sellers and rating agencies know they weren't worth triple-A, from Oct2008 congressional hearing testimony). With triple-A rating, the can sell securitized mortgages as fast as they can be made (w/o having to worry about borrower's qualification or loan quality) ... including to large funds restricted to only dealing in "safe investment" (like large public & private pension funds, resulting in large hit to those funds), largely responsible being able to do over $27T 2001-2008. It also met that they could start doing no-down, no-documentation, liar loans (and with no-documentation, there was no longer issue of supporting document integrity) http://manana.garlic.com/~lynn/submisc.html#toxic.cdo -- virtualization experience starting Jan1968, online at home since Mar1970